Final Group Version to be Graded

Among the project risks listed, there are categories that can be formed and where these risks could be classified. It is important to classify whether these are internal or external risks and whether these are project or product risks. It is important to know these risks in order to sufficiently plan for particular strategies which could be used for the purpose of addressing and mitigating the impacts associated with these risks.

For this particular project, the identified risks include funding requirements for the project, locations where the units are to be installed, security threats, recruitment of people to work on Project X, Patents for the technology, skills and knowledge of the people working on the project, and the technological capability of the company. The internal risk for this project is the patented technology from the company.

This is considered to be an internal risk because it comes from within the organization and the solution of which can also come from the inside. On the other hand, external risks include budget requirements, locations where the units are to be installed, security threats, recruitment of people to work on the project, nature of the project, patented technology, the skills and knowledge available for the project, and the technological capabilities of the company compared to the others.

On the other hand, project risks include location identified where units are to be installed and the availability of funding for the project. On the other hand, product risks include the security threats, recruitment of people to work on the project, skills and knowledge available from the project handlers, the nature of the project, the patented technologies available, and the technological capabilities of the company compared to the competitors.